Takaful can help mitigate cyberattack damage

With the increasing risks of cyber threats in Brunei Darussalam, Takaful Brunei Am is offering its Cyber Security Takaful protection scheme to assist business entities, private companies and government-linked companies in managing risks arising from breached information infrastructures.

Head of underwriting and Retakaful Division of Takaful Brunei Am Pengiran Muhammad Adl-Azim bin Pengiran Haji Bahar said the plan covers legal liability as well as crisis management costs incurred if company engages an expert after experienced a cyber-attack as well as business interruption.

A protection scheme plays a vital part in effective crisis management planning and mitigation for any companies and organisations that create, store or manage electronic data, such as customer details, customer sales and credit card details, he said.

He said, “If your company experiences a cyber-attack, there will be a data breach and loss of data. Then there will be business interruption, which means you cannot operate at 100-per-cent. The company definitely will need to engage a forensic expert to retrieve the data and incur cost.”

By having the Cyber Security Takaful, he said, “Upon notification on day one of the cyber-attack, we will engage with a forensic expert. We will help mitigate the losses of business by communicating with clients through our mitigation response team.”

At the 7th Cyber Battle Competition and Talks held at Tarindak D’Seni on Saturday, Pengiran Muhammmad Adl-Azim shared that according to an identity fraud study, fraud losses in 2020 amounted to USD56 billion and according to cyber security ventures, the expected cost by 2035 is USD10.5 trillion. He added that 1,862 data breaches were reported in 2021 compared to 1,108 in 2020, according to Identity Theft Resource centre.

ABOVE & BELOW: Head of underwriting and Retakaful Division of Takaful Brunei Am Pengiran Muhammad Adl-Azim bin Pengiran Haji Bahar gives a presentation to an audience. PHOTOS: JAMES KON

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